Economics Supply Curve Quiz

<p>They will decrease production to avoid losing money when prices drop. (A)</p> Signup and view all the answers

<p>As price increases, quantity supplied increases. (B)</p> Signup and view all the answers

<p>A new park is built, increasing property values in the surrounding area. (A)</p> Signup and view all the answers

<p>To reduce the number of people in poverty. (A)</p> Signup and view all the answers

<p>Investing in public transportation to reduce car emissions. (D)</p> Signup and view all the answers

<p>Taxes are used to fund welfare programs. (B)</p> Signup and view all the answers

<p>As the price of a good increases, the quantity supplied increases. (A)</p> Signup and view all the answers

<p>The amount of money a household needs to cover basic necessities. (C)</p> Signup and view all the answers

<p>To maximize profits. (A)</p> Signup and view all the answers

<p>All factors except price remain constant. (C)</p> Signup and view all the answers

<p>Consumer preferences for the good (D)</p> Signup and view all the answers

<p>$1.50 (A)</p> Signup and view all the answers

<p>The quantity demanded will decrease. (C)</p> Signup and view all the answers

<p>All other factors besides price. (C)</p> Signup and view all the answers

<p>An indirect relationship: higher prices result in lower quantity demanded. (C)</p> Signup and view all the answers

<p>Consumers tend to get less additional satisfaction from each additional unit consumed. (C)</p> Signup and view all the answers

<p>Market Demand Schedule (C)</p> Signup and view all the answers

<p>Increase in demand (D)</p> Signup and view all the answers

<p>Increase in income (D)</p> Signup and view all the answers

<p>Weather conditions (B)</p> Signup and view all the answers

<p>Inferior goods (D)</p> Signup and view all the answers

<p>Goods that are used together (B)</p> Signup and view all the answers

<p>Consumers have the ability to influence production through their purchases. (C)</p> Signup and view all the answers

<p>Pay-per-use (A)</p> Signup and view all the answers

<p>Private Property (A)</p> Signup and view all the answers

<p>Free riders benefiting without payment. (D)</p> Signup and view all the answers

<p>Individuals can decide the agreements they enter into. (A)</p> Signup and view all the answers

<p>The overall quality of life in a country (B)</p> Signup and view all the answers

<p>Increasing productivity and contributing to economic growth (A)</p> Signup and view all the answers

<p>Open Opportunity (B)</p> Signup and view all the answers

<p>Increasing financial efficiency and responsibility (D)</p> Signup and view all the answers

<p>An increasing GDP per capita (C)</p> Signup and view all the answers

<p>A combination of the income and substitution effects (B)</p> Signup and view all the answers

<p>A decrease in the price of the good itself (B)</p> Signup and view all the answers

<p>Purchasing power decreases (C)</p> Signup and view all the answers

<p>Demand is the entire relationship between price and quantity, and quantity demanded is a specific point on the demand curve. (C)</p> Signup and view all the answers

<p>They are complements, meaning that a decrease in the price of one would lead to an increase in the demand for the other (D)</p> Signup and view all the answers

Graph showing the relationship between price and quantity demanded.

Consumers switch to cheaper alternatives when prices rise.

Price changes impact consumers' purchasing power.

Illustrates that lower prices lead to higher demand.

Items that are often purchased together (e.g., cereal and milk).

The level of economic prosperity experienced by individuals or communities.

Gross Domestic Product; a measure of a country's economic performance and growth.

The drive to make money as the main goal of businesses.

The principle that anyone can start a business in the marketplace.

The introduction of new technologies that enhance productivity and GDP.

As consumption increases, additional satisfaction decreases.

A table showing the amount of a product demanded at various prices.

Total quantity demanded at various prices by all customers.

Assumes all other factors are constant except price.

The amount of goods available for sale in the market.

As the price increases, production and quantity supplied also increase.

The specific amount of a good that is supplied at a certain price.

A table that shows the relationship between price and quantity supplied while holding other factors constant.

A graph that illustrates the relationship between the price of a good and the quantity supplied.

Cost or benefit of a good/service affecting others not involved in production/consumption.

A benefit of a good/service experienced by others (e.g., home renovation increases neighbor's property value).

A cost of a good/service that negatively affects others (e.g., foreclosure reduces neighbor's property value).

Income level too low to support a household, defined by government metrics.

Tax revenue is allocated to welfare programs to support individuals in poverty.

A graph showing price vs. quantity supplied, with two curves shifting left and right.

Factors that cause the supply curve to shift left or right, such as costs and regulations.

The costs of materials needed for production; lower costs increase supply, higher costs decrease it.

Interventions like taxes or subsidies that affect supply; taxes increase cost, while subsidies lower it.

Individuals have the right to control their own property.

Consumers dictate the production of goods and services through their purchases.

A service that is non-rivalrous, non-excludable, and funded by taxes.

Business rivalry that leads to more choices and fair prices for consumers.

Individuals who benefit from public goods without contributing to their cost.

Indicates an increase in demand for a good.

Indicates a decrease in demand for a good.

Goods that see increased demand as income rises.

Goods that see decreased demand as income rises.